Larry Buss, President of the Iowa Corn Promotion Board (ICPB) met with representatives of the Taiwan Feed Industry Association, Governor Kim Reynolds and Secretary of Agriculture Mike Naig to sign a letter of intent to purchase $600 million worth of corn products between 2023 and 2024. This agreement includes 1.5 million metric tons (MT) (59 million bushels) of corn and 250 thousand MT (9.8 million bushels) of corn products (DDGS or distillers dried grains and solubles).
Taiwan and Iowa have a longstanding relationship and this letter of intent is a testament to their friendship and mutually beneficial trade commitments. Because of our high-quality produce, the U.S. remains one of Taiwan’s largest sources of agricultural products, supplying more than one-fifth of the country’s major agricultural imports including $72.1 million worth of corn in 2021. We expect Taiwan to remain a consistent partner of Iowa corn farmers.
“As a part of the Iowa Corn Promotion Board’s mission we strive to develop opportunities to help open markets for Iowa corn farmers,” stated ICPB President Larry Buss, a farmer from Logan, Iowa. “Letters of intent allow us to share our bounty with great corn customers, like Taiwan, and mean a great deal for Iowa corn farmers in terms of market opportunity and development.”
The terms, quantities, prices and conditions for the purchase and sale of corn and corn coproducts will be negotiated privately between the individual importers and suppliers. Future purchases of corn may differ from those set out in the letter of intent.